Dubai / Emirates Business
A leading network of CEOs and entrepreneurs, the Young Presidents’ Organization contributes much to the growth of the Dubai as an innovation hub, according to a recent report.
The December 2015 report by Wamda Research Lab also states that UAE continues to outperform all other MENA countries in global competitiveness and entrepreneurship. Recently, YPO members Muna AbuSulayman and Sofyan Almoayed held a discussion on various opportunities flourishing in the region on a social networking site.
On the emerging role of technology, members of YPO Fadi Ghandour, co-founder and vice chairman of Aramex, Bahjat El-Darwiche, lead partner with Strategy& (formerly Booz & Company) and Mustafa Abdel-Wadood, chairman of the management executive committee of the Abraaj Group, all pointed to the Dubai’s entrepreneurial spirit of making the impossible possible as inspiration for entrepreneurs and investors.
Asia and MENA region have an advantage as the countries in the region are at an entry point to the fast-developing markets. According to the said Mustafa Abdel-Wadood, chairman of the management executive committee of the Abraaj Group “These are markets growing at double the rates of the developed world, and the hub for accessing these markets is Dubai.”
Fadi Ghandour, executive chairman of Wamda Capital, which recently launched a USD 75 million regional growth stage venture fund for the MENA region, reiterates the importance of Dubai’s strategic location as a gateway to emerging markets. “Dubai is ideal for any company – not only IT ventures – interested in expanding across MENA, South Asia and Africa. Most media companies and advertising agencies doing business in the region are based in Dubai, attracted by its world-class infrastructure and a very diverse and multinational workforce,” said Ghandour.
He added, “As an investor and a participant in the regional MENA entrepreneurship eco-system, I am extremely optimistic about the nascent IT sector in particular.
“We are at the cusp of major growth in technology and internet commerce with Dubai leading the way.”